Khazanah Subsidiary And Turkish Health Provider In Synergistic Partnership

1 Rabiulawal 1433

From Dalila Abu Bakar(Bernama)

 ISTANBUL, Jan 25 , 2012- The synergistic partnership between Khazanah Holdings Bhd's healthcare subsidiary, Integrated Holdings Healthcare Sdn Bhd (IHH), and Turkey-based healthcare services provider, Acibadem Saglik Yatirimlari Holding A.S.(ASYH), would see the group emerge among the world's largest healthcare services provider with 12,316 beds and revenue.

"We are currently number two in terms of number of beds and revenue of the hospital within the group around the world. But, if you look at profitability, we'll be number one," said Saglik Hizmetleri ve Ticaret A.S.Acibadem (Acibadem) founder Mehmet Ali Aydinlar at a press conference here Tuesday following IHH's purchase of a 60 per cent equity in ASYH.

He added that the group was also looking at growth in the Central and Eastern Europe, Middle East and Russia.

Meanwhile, Khazanah Nasional managing director Tan Sri Azman Mokhtar said the group was also planning for growth in India, Singapore, Malaysia and China. he added.

"In various measures and in all counts, we are among the top in the world," he added.

Azman also said that Khazanah also planned to list IHH in 2012.

"The company will put out the relevant documents in due course. We'll be consulting our partners," he said.

IHH successfully completed the 60 per cent acquisition of the enlarged share capital in ASYH from Mehmet Ali Aydinlar and family and Abraaj Capital, a leading private equity manager investing in the Middle East, Turkey, Asia and Africa.

Khazanah Nasional, through its special purpose vehicle, Bagan Lalang Ventures Sdn Bhd, also directly acquired a 15 per cent stake in ASYH.

ASYH is the 92 per cent shareholder of listed Acibadem, a leading private healthcare services provider in Turkey.

The Aydinlar family holds the remaining 25 per cent stake in ASYH.

The transaction value of the 92 per cent of Acibadem is about RM5.308 billion for the entire Class A and Class B shares.

The consideration amount for ASYH's 92 per cent stake in Acibadem is calculated by valuing 4,249,973 Class A shares at RM276.31 per share and 87,719,149 Class B shares at RM43.17 per share.

In compliance with the Turkish Capital Markets Board regulations, a mandatory tender offer will be made to approximately eight per cent of Acibadem's minority shareholders.

The acquisition consideration was made by a combination of cash and newly issued IHH shares.

This will result in the Aydinlar family and Abraaj Capital emerging as shareholders of IHH owning about 4.2 per cent and 7.1 per cent, respectively.

Khazanah, via its wholly-owned special purpose vehicle (SPV), Pulau Memutik Ventures retains a 62.1 per cent stake in IHH while Mitsui, via its wholly-owned SPV, MBK Healthcare Partners Ltd, now owns a 26.6 per cent stake.

Mehmet Ali Aydinlar and Omar Lodhi of Abraaj Capital will join the Board of IHH.

The acquisition represents IHH's first direct presence in the private healthcare space in Turkey.

ASYH is also Khazanah's first direct investment in a Turkish firm and represents another major step for the government's investment arm in growing its investments in the healthcare sector.

The addition of Acibadem to IHH's stable is very significant and adds to its impressive existing portfolio of healthcare assets that include Parkway Holdings Ltd, Pantai Holdings Bhd, International Medical University and shareholdings in India's Apollo Hospitals Enterprises Limited.

With the landmark transaction, IHH is uniquely positioned as one of the largest private healthcare providers in the world with a broad footprint of assets in Malaysia, Singapore, Turkey, India and with presence in China, Brunei, Abu Dhabi as well as Central and Eastern Europe.

Source- BERNAMA